Financials Down Ahead of Fed Meeting -- Financials Roundup

Shares of banks and other financial institutions fell alongside Treasury yields ahead of the Federal Reserve meeting.

The yield on the 10-year Treasury note closed below 3% as traders bet weakening economic data will dissuade the Fed from imposing a feared 100-basis-point rate increase at its meeting next week.

SVB Financial Group shares plunged, the day after the Silicon Valley lender posted second-quarter earnings short of Wall Street targets.

China Evergrande Group ousted its longstanding chief executive officer and its finance chief, after finding the duo were involved in borrowing arrangements that led to banks seizing $2 billion from a key unit.

Brazilian insurer IRB Brasil Resseguros fell after it reported a loss for the first five months of this year.

 Write to Rob Curran at [e-mail] 

(END) Dow Jones Newswires

07-22-22 1708ET